26th Jan 2007 11:51
Trakm8 Holdings PLC26 January 2007 26 January 2007 TRAKM8 HOLDINGS PLC ("Trakm8" or "the Group") Issue of Convertible Unsecured Loan Stock Trakm8, the leading technology provider, designer and developer of GPRS basedhardware and software to the vehicle tracking and security market, announces theissue of £500,000 nominal of 9% Convertible Unsecured Loan Stock ("the LoanStock"). The primary purpose of the funding is to promote the development andmarketing of the Company's own ASP tracking solution - Trakm8 SWIFT. Interestwill accrue from the commencement date of the instrument and is payable byquarterly payments in arrears on 31 March, 30 June, 30 September and 31December. No application has been or will be made to any Recognised InvestmentExchange for the listing of, or for permission to deal in, the Loan Stock. The Loan Stock may, at the option of the holder, be converted into ordinaryshares of Trakm8 on an Election Date (31 December 2007; or 1 July 2008). TheLoan Stock is convertible at a conversion price being either 60p or if theclosing mid-market price of an Ordinary Share on the Business Day before theConversion Date is less that 60p, 95 per cent. of the average closing mid-marketprice of an ordinary share for the previous five business days. In the absence of a default event, the principal sum will be converted at thematurity date of 31st December 2008 and will not be redeemed. The ordinary shares so issued will rank pari passu in all respects with theexisting ordinary shares currently in Issue. The Company shall not be entitledto re-pay any or all of the Loan Stock without the approval of the relevantstockholder(s). Commenting, Dawson Buck, Chairman of Trakm8 said: "We're pleased to announce thesuccessful completion of this fundraising that will enable the management teamto commence the next, exciting phase of development of Trakm8 as we roll out ournew Trakm8 SWIFT product range. On behalf of the Board, I thank our newinvestors for their commitment." -ends- For further information please contact: Trakm8 Holdings plc 01747 858444Tim Couling, Finance Director Tavistock Communications 0207 920 3150Simon HudsonVicky Watkins About Trakm8 Trakm8, based in Shaftesbury, Dorset is the leading technology provider,designer and developer of GPRS based hardware and software to the vehicletracking and security market. The Company distributes its hardware and softwareworldwide through a network of distributors. In addition the Company providesASP vehicle monitoring and tracking services direct to the B2B market. Trakm8'sproducts allow vehicles and drivers to be monitored, allowing organisations tomanage deliveries and services, or track stolen vehicles down to 5 metres. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Trakm8 Hldgs